$750 billion

Amount wasted yearly by the U.S. health care system — roughly 30 cents of every medical dollar — through unnecessary care, complex paperwork, fraud and other misspending, according to a report from the Institute of Medicine. The report comes amidst accusations from President Barack Obama and Republican Mitt Romney that the other candidate wants to cut Medicare and risk seniors’ health. But the report concludes that substantial cuts are still possible, without rationing care and possibly even improving it. [via the Associated Press]

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